AAT Varies ASIC’s Ban of Former Sydney Financial Adviser Ms Lisa Lee

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The Australian Securities and Investments Commission (ASIC) announced today that the Administrative Appeals Tribunal (AAT) has varied its decision to ban Ms Lisa Lee, a Sydney-based former financial adviser, from providing financial services for 8 years.

Ms Lee served as a representative of Australia and New Zealand Banking Group Limited (ANZ) between 5 June 2010 and 15 June 2017 and Infocus Securities Australia Pty Ltd between 19 September 2017 and 19 November 2018. She is no longer providing financial advice.

ASIC found that while a representative of ANZ, Ms Lee falsely witnessed binding nomination of beneficiary forms for 17 clients, backdated documents, and falsified a client's signature on documents, according to its announcement on May 6, 2021.

Whereas, Ms Lee appealed ASIC's decision to the Tribunal. And the AAT considered that a ban for a period of 6 years from providing financial services was an appropriate regulatory response.